UPDATE: Jefferies Raises PT on Eaton Vance to $34 (EV)

Jefferies is out with its report today on Eaton Vance (NYSE: EV), raising its price target from $31 to $34.

In its report sent to clients, Jefferies Notes, "EV's internal growth remains strong, reflecting its diverse suite of fixed income products. However, revenue yield continues to be negatively impacted by a shift to lower fee products. Our $34 price target is based on an approx 17x multiple of our CY11 EPS est., a slight premium to peers. EV is currently trading at 15.0x our CY11 est. Risks to our est. include prolonged market weakness, fund outflows, and a drawn-out recovery in closed-end funds."

Jefferies maintains Hold on EV.

Shares of EV closed Thursday at $33.81.